IFRS frequently
A)upon issue are automatically approved for any foreign listed company.
B)permit only one accounting treatment for similar business transactions and events to promote comparability.
C)allow firms less latitude when compared to U.S.GAAP.
D)follow a more generalized overview approach than do U.S.GAAP counterpart standards.

Question

Quizplus · Accepted Answer

IFRS (International Financial Reporting Standards) tend to follow a principles-based approach, which provides a more generalized overview for accounting standards. This approach contrasts with U.S. GAAP (Generally Accepted Accounting Principles), which is more rules-based and provides detailed instructions for specific accounting scenarios.

IFRS Frequently